Imagine you’re a marketing professional starting another workday. You turn on your computer, and instead of being bombarded with a sea of business data and unnamed KPIs, you see a complete picture of what’s happening in your business.
You can understand why your metrics are changing and how these insights can affect the outcomes of your marketing strategy. It’s like having a crystal ball that shows you the future of your business. This might sound too good to be true, but it’s not. With decision intelligence (DI), you can have this level of insight and clarity in the decision-making process.
In the first blog post of our decision intelligence series, we’ve explored what decision intelligence is and explained it as a holistic decision-making mechanism that combines the power of AI and machine learning tools and the human mind for making more informed decisions.
Through this blog post, we’ll continue our journey to assess the value of DI as a concept in commercial decision-making. Then, we’ll take a closer look at the future of marketing and decision intelligence.
Moving Beyond Business Intelligence
Over the past few decades, many companies have embraced the idea that “data is the new oil.” to shape their marketing campaigns or business processes. However, simply having a large amount of data does not necessarily lead to effective business decisions. This is important to keep in mind considering business performance is 95% correlated with effective decision-making.
To address this challenge, business intelligence (BI) tools were introduced over 20 years ago, promising to help marketers transform vast amounts of data into informed decisions.
Today, businesses use an average of 3.8 different BI tools, which gather data from various sources to support marketing teams in strategic planning, operational decision-making, and identifying market conditions and customer trends.
While artificial intelligence capabilities power some business intelligence (BI) tools, they often fall short of combining other technologies like machine learning, natural language processing, and reporting.
This can create data silos that are inconsistent or incompatible with other business units. Additionally, BI tools can be too technical and require data scientists to conceptualize and transform data into reports or usable insights for marketers.
Decision intelligence (DI) tools take things a step further by incorporating machine learning and other advanced analytics techniques to help decision-makers make more informed and accurate decisions.
DI adopts a more holistic approach to decision-making, considering not just data, but also human expertise, intuition, and other factors that may influence the process.
DI platforms allow all parts of an organization, including non-technical teams, to gain access to trusted, repeatable insights in real-time. By leveraging the strengths of both humans and machines, these platforms create a more collaborative and efficient real-time decisioning process for marketers.
Without the right tools and insights, 98% of marketing managers fail to apply best practices when making decisions. That’s why transitioning from BI to DI is crucial for marketers to mitigate risks and drive growth.
3 Advantages for Getting Started with Decision Intelligence
In today’s fast-paced and data-driven business environment, mastering the art of manipulating big data is paramount to gaining a competitive advantage. Every piece of data is like a story waiting to be told, and with the right tools, marketers can unlock the power of these stories to create compelling campaigns that resonate with their target audience.
That’s where decision intelligence comes in and helps marketers choose the right stories to structure their marketing campaigns and offer hyper-personalized customer experiences that go beyond mere interactions.
With DI, there is always more. Here is a detailed look at how decision intelligence and the future of marketing can evolve together.
Meeting Customer Demands
By structuring the data in the right way and creating meaningful insights from them, DI can help identify trends, patterns, and opportunities that may otherwise go unnoticed.
Moreover, DI is less about understanding the data and more about obtaining a vision to anticipate the outcomes of the next possible action.
Marketers can acquire a holistic understanding of customer data to determine which products and services are the most popular, which channels are most effective for reaching their target audience, and which messaging resonates best with their customers.
This allows for successfully meeting ever-changing demands, delivering more relevant customer experiences, and taking the next big actions.
Solving Choice and Decision Dilemmas
Today’s marketers have a plethora of channels and techniques at their disposal to reach their target audiences. From email marketing to social media, influencer marketing to sponsorships, the options can be overwhelming. This abundance of choices can lead to two common forms of bewilderment: choice paralysis and decision paralysis.
Choice paralysis occurs when presented with excessive options, making it challenging to determine the best course of action. On the other hand, decision paralysis arises when there are only a few options available, but insufficient data exist to make an informed decision.
In this case, as a marketer, you’ll probably need to investigate your marketing reports to see the results of your channel strategies. You’ll discover flaws in your strategy, and brainstorm new ideas and test out different approaches until you find the one that works best.
This investigation can be time-consuming. DI can help streamline this process by consolidating data from different silos and analyzing it in a structured manner. Furthermore, it can go beyond simply examining the results of marketing strategies by also exploring the relationships between them, providing a more nuanced view of marketing performance.
Lowering Costs and Improving ROI
DI provides decision support that reduces guesswork and enables marketers to make more effective decisions with a data-driven approach. This eliminates the need for ineffective marketing actions and ensures that resources are allocated efficiently.
Real-time decision intelligence can help businesses and marketers identify areas that are most profitable and use this information to enhance supply chains, tailor product offerings to the most profitable customer segments, and optimize marketing efforts.
Gear Up for the Future of Marketing with Evam Decisioning
Failing to make progress with DI can have the same negative impact for businesses as being late to adopt online technologies. It is imperative that all organizations implement a decision intelligence model or platform to assist decision-makers in ways that were previously impossible.
Developing an in-house DI system from scratch can be a time-consuming and technically demanding process. As a technology company specializing in customer journey orchestration through continuous intelligence capabilities, we offer our partners a comprehensive decision intelligence platform that includes real-time decisioning abilities.
Let us collaborate to help you make informed marketing decisions based on actionable insights and deliver hyper-personalized customer experiences!